Kazakhstan continues to monitor compliance with obligations under OPEC+ agreement, ministry says

Photo: aa.com.tr
ASTANA. KAZINFORM - Kazakhstan, together with oil-producing companies, continues to monitor compliance with its obligations under the OPEC+ agreement and consults on further oil production cuts, the Ministry of Energy said, Trend.az reports.

Recently, Kazakhstan has recorded a decline in production due to various reasons, including accidents at power sources and ongoing and planned maintenance works at fields, the ministry noted, adding that, overall, this contributes to the implementation of the country's intentions to fulfill the commitments undertaken within the framework of the OPEC+ agreement.

Earlier, the Ministry of Energy announced that Kazakhstan will extend voluntary production cuts of 78,000 b/d until the end of December 2024 as a precautionary measure in coordination with the OPEC+ participating countries, who declared voluntary cuts in April.

At the same time, OPEC forecasts Kazakhstan's liquids output in 2023 to increase slightly, with a rise of 0.1 mb/d to an average of 1.9 mb/d.

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